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  German banking

Setting up a bank account

You can set up a bank account provided you have a residential address. The first important point to consider when opening your current account is to decide whether it would be more appropriate for you to have a resident (Devisen-Inland) or a non-resident (Devisen-Ausland) account.

Each situation must be dealt with individually as it may be more tax efficient for you to hold a non-resident account.

Credit cards

The German credit cards (Kreditkarte) have a subscription fee. They serve as a convenient method of payment from your bank account. The credit card is also used as a service card to withdraw money from any cash machine throughout the country.

The bank will supply you with a card and a pin number to enable you to use these facilities.

A Visa or Eurocard gives you the option of payment either by direct debit immediately, or by deferred payment at the end of the month. You can use these cards for domestic and international purposes. The bill is settled by direct debit from your current account, and no further credit is available.

The major german banks

The principal German banks with branches throughout the country are Deutsche Bank, Hypo-Vereinsbank, Dresdner Bank, Sparkassen, Postbank, Commerzbank, Citibank.